day1 - 3 Scales of Measurement 1. Nominal scale : the data...

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What are “statistics” ? 1. Numerical facts 2. The art and science of: i. collecting data ii. analyzing data iii. presenting data iv. interpreting data 1
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Applications in Business and Economics Accounting Finance Marketing Production Economics 2
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Data Data are the facts and figures collected, analyzed, and summarized for presentation and interpretation. The data set is all of the data collected for a particular study. Room Number Overall Name of Property Country Rate of Rooms Score Graveteye Manor England $$ 18 83.6 Villa d’Este Italy $$$$ 166 86.3 Hotel Prem Germany $ 54 77.8 Hotel d’Europe France $$ 47 76.8 Palace Luzern Switzerland $$ 326 80.9 Royal Crescent Hotel England $$$ 45 73.7 Hotel Sacher Austria $$$ 120 85.5 Duc de Bourgogne Belgium $ 10 76.9 Villa Gallici France $$ 22 90.6 Elements are the entities on which data are collected. Variables are the characteristics of interest for the elements. An observation is the set of measurements obtained for a particular element.
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Unformatted text preview: 3 Scales of Measurement 1. Nominal scale : the data for a variable consists of labels or names (the order of the labels IS NOT meaningful). 2. Ordinal scale : the data for a variable consists of labels or names (the order of the labels IS meaningful). 3. Interval scale : numeric data where the interval between values is a xed unit of measure. 4. Ratio scale : the data have the properties of the interval scale, and the ratio of 2 values is meaningful. 4 Qualitative vs. Quantitative Data Qualitative data use labels or names to identify an attribute of an ele-ment. Quantitative data use numeric values. Cross-sectional vs. Time Series Data Cross-sectional data are data collected at approximately the same point in time. Time series data are data collected over several time periods. Why do we need to classify the data? 5...
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day1 - 3 Scales of Measurement 1. Nominal scale : the data...

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